(1)

(2)

(3)

Risk

sales

Risk

Dyh_entro

0.0036^***

−3.4054^***

0.0042^***

(3.5284)

(−9.4312)

(4.0560)

sales

0.0002^***

(7.2014)

SOE

−0.0074^***

2.5067^***

−0.0078^***

(−7.0513)

(6.7765)

(−7.4349)

Growth

−0.0194^***

3.4910^***

−0.0200^***

(−11.7590)

(5.9944)

(−12.1029)

TOP1

−0.0003^***

0.0216^**

−0.0003^***

(−9.4428)

(1.9719)

(−9.5679)

lnSize

−0.0035^***

−3.8880^***

−0.0028^***

(−7.4308)

(−23.6329)

(−6.0042)

Debt

0.0010

−4.7465^***

0.0017

(0.2161)

(−2.9985)

(0.3858)

产权比率

0.0058^***

1.5028^***

0.0055^***

(7.2771)

(5.3604)

(6.9793)

_cons

0.1760^***

108.9333^***

0.1586^***

(16.8443)

(29.5168)

(14.8100)

N

16270

16270

16270

adj. R²

0.108

0.204

0.111